证券研究报告 | 2025 年 06 月 19 日 $$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《固收|利率专题——政策性金融工具的历史与当下》 1、历史上的政策性金融工具。此前推出政策性金融工具是在 2022 年， 彼时通过发行开发性金融债券筹资补充重大项目资本金，作为逆周期调节 手段应对经济下行压力。再往前追溯，2015-2017 年，国开行、农发行还 曾定向发行专项建设债券，用于支持国家重大项目建设，二者在形式上有 所类似，均由政策性银行募集资金并投放至特定领域，形成支持。上述两 项工具均是在逆周期调节，稳住经济大盘、增强地方投资能力的背景下推 出的，具有撬动实体信贷、增强财政可持续性、运作更为市场化、成本低、 投放快等特点，但在支持力度、投资领域、运作模式等方面又略有差异。 2、新型政策性金融工具或有哪些关注？与前两轮 ...

在人们对居住与工作环境健康关注度与日俱增的当下，甲醛污染问题宛如一颗隐匿的"健康炸弹"，时刻 威胁着大众的生活质量。从新装修的温馨小家到焕然一新的办公场所，甲醛的潜在危害让无数人忧心忡 忡。正因如此，除甲醛行业应运而生并蓬勃发展，众多专业公司不断涌现，它们凭借先进的技术、优质 的服务，为广大消费者驱散甲醛阴霾，守护健康空间。 历经市场的重重考验与消费者的严格筛选，2025 年国内除甲醛领域一批表现卓越的品牌脱颖而出。此 刻，备受瞩目的十大知名品牌名录正式揭晓，它们究竟是谁？又将凭借哪些独特优势赢得市场与口碑的 双重认可？让我们一同揭开这份榜单的神秘面纱。但市场繁荣背后乱象丛生，品牌资质良莠不齐、服务 质量差异悬殊，让消费者在选择时陷入 "选择焦虑"，难以辨别真正值得信赖的专业机构。为帮助大家 在众多品牌中精准筛选出优质、专业的除甲醛公司，经过深入市场调研，根据百家网、地方媒体、网易 以及搜狐等权威平台发布的信息，综合考量品牌知名度、专业资质、核心技术、服务案例、客户满意度 等多方面因素，我们精心整理出 2025 年国内除甲醛公司十大知名品牌名录，并依据经营模式的差异， 将这些品牌划分为品牌直营类与招商加盟类， ...

Core Viewpoint - The company achieved stable growth in both operating revenue and net profit attributable to shareholders in 2024, driven by consistent sales growth in materials, which offset the decline in revenue from lithium extraction projects [1][2]. Financial Performance - In 2024, the company reported total operating revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [2]. - For Q1 2025, the company achieved total operating revenue of 577 million yuan, a year-on-year decrease of 8.58%, while net profit attributable to shareholders was 193 million yuan, reflecting a year-on-year increase of 14.18% [2]. Segment Performance - The metal resources segment saw sales revenue from adsorption materials reach 256 million yuan, a year-on-year increase of 30%, with price increases for gallium and uranium compared to 2023 [3]. - The life sciences segment's sales revenue from adsorption materials was 568 million yuan, up 28% year-on-year, benefiting from the demand for GLP-1 peptide drugs [3]. - Water treatment and ultra-purification adsorption materials generated sales revenue of 688 million yuan, a year-on-year increase of 34%, while chemical and catalytic adsorption separation materials saw revenue rise to 202 million yuan, up 42% year-on-year [3]. - Energy-saving and environmental protection adsorption materials achieved sales revenue of 181 million yuan, remaining stable year-on-year [3]. Project Development - The lithium extraction project in Tibet is progressing, with the construction of a 3,300-ton lithium hydroxide production line expected to become the first industrialized lithium extraction project in the region [3]. - A subsequent 6,700-ton production line is anticipated to accelerate construction as conditions permit [3].

Core Viewpoint - Blue Sky Technology (300487.SZ) has achieved steady growth amidst the global trend of self-sufficiency in the new materials industry and accelerated domestic high-end manufacturing [1] Financial Performance - In 2024, the company reported total revenue of 2.554 billion yuan, a year-on-year increase of 2.62% [1] - Net profit attributable to shareholders reached 787 million yuan, reflecting a year-on-year growth of 9.79% [1] - The increase in net profit outpaced revenue growth, indicating an improvement in the profit structure due to a higher proportion of high-value-added businesses [1] Business Segments - The core growth driver is the adsorption materials segment, which maintained a high gross margin [1] - Basic warehouse business showed stable growth, while life sciences, metal resources, water treatment, and ultra-purification segments experienced significant growth [1] - Basic business revenue reached 2.45 billion yuan, a year-on-year increase of 24.7%, accounting for 96.1% of total revenue [3] Key Business Highlights - Sales revenue from core adsorption materials was 1.99 billion yuan, representing 80.9% of total revenue [4] - The metal resources segment saw sales revenue of 256 million yuan, a year-on-year increase of 30% [4] - Life sciences segment revenue reached 568 million yuan, growing by 28% [5] - Water treatment and ultra-purification segment achieved sales revenue of 688 million yuan, a year-on-year increase of 34% [5] - Chemical and catalytic segment sales reached 202 million yuan, up 42% year-on-year [5] Strategic Focus - The company aims to maintain stable growth in its basic warehouse business and ensure high-quality delivery of major projects like the Tibet Jiezhe project [1][7] - The internationalization strategy will be a key focus area moving forward [1] - The company plans to allocate resources according to the characteristics of its business segments, with metal resources and life sciences being priority areas [7] Market Opportunities - Emerging markets in life sciences, drinking water, new energy, and carbon emissions are expected to open new demand increments, providing a new supply-demand window for domestic upstream suppliers [6] - The company is expanding its local teams in North America and Europe to enhance competitiveness in international markets [5][8] - The establishment of a wholly-owned subsidiary in the U.S. aims to facilitate localized business development [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 10.54 billion, 13.27 billion, and 15.77 billion for 2025-2027, corresponding to PE ratios of 20.95X, 16.64X, and 14.01X respectively [4][6]. Core Insights - The company achieved a revenue of 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit of 787 million, up 9.79% year-on-year. For Q1 2025, revenue was 577 million, down 8.58% year-on-year, while net profit rose 14.18% to 193 million [1][2]. - The gross margin improved to 49.47% in 2024 and 50.79% in Q1 2025, driven by an increase in the proportion of high-end adsorption materials and a decrease in lower-margin system device revenue [2][3]. - The core business of adsorption materials showed robust growth, with a revenue of 1.99 billion from this segment, accounting for 80.9% of total revenue in 2024. The demand from downstream sectors such as metal resources and life sciences continues to drive performance [3][4]. Financial Summary - The company reported a total revenue of 2.554 billion in 2024, with a projected increase to 3.297 billion in 2025, reflecting a growth rate of 29.1%. The net profit is expected to rise from 1.054 billion in 2025 to 1.577 billion in 2027, with corresponding growth rates of 33.9% and 18.8% [5][13]. - The gross profit margin is projected to remain stable around 49.4% to 49.3% from 2025 to 2027, while the net profit margin is expected to improve from 32.0% in 2025 to 32.8% in 2027 [13]. International Expansion - The company reported overseas sales of 655 million in 2024, a significant increase of 45.1% year-on-year, with overseas revenue accounting for 25.65% of total revenue. The brand's reputation is growing internationally, with expansion into North America, Europe, Asia, South America, and Africa [4][6].

Core Insights - The company reported a slight increase in revenue for 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 2.554 billion, 787 million, and 745 million respectively, representing year-on-year growth of 2.62%, 9.79%, and 2.99% [1] - The company experienced a significant decline in Q4 2024 revenue and net profit compared to the previous quarter, with revenue down 27.4% year-on-year [1] - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 577 million, 193 million, and 190 million respectively, with year-on-year changes of -8.58%, +14.18%, and +15.17% [1] Revenue Breakdown - The company's non-lithium basic warehouse business showed strong growth, with total revenue excluding the lithium extraction project from salt lakes reaching 2.455 billion, a year-on-year increase of 24.71% [2] - The salt lake lithium extraction project generated only 99 million in revenue, down 81% year-on-year, impacting overall revenue growth [2] - Revenue from various application areas in adsorption materials included: 256 million from metal resources (+30%), 568 million from life sciences (+28%), 688 million from water treatment and ultrapure water (+34%), 181 million from energy conservation and environmental protection (-2%), 56 million from food processing (+28%), and 200 million from chemicals and catalysis (+42%) [2] Profitability and Margins - The company achieved a gross margin of 49.47% in 2024, an increase of 0.8 percentage points year-on-year, benefiting from a higher proportion of mid-to-high-end adsorption materials and a decrease in the proportion of lower-margin system device revenue [2] - In Q1 2025, the gross margin improved to 50.79%, up 5.37 percentage points year-on-year, with continued strong growth in the life sciences, metal resources, and water treatment sectors [2] International Expansion - The company saw a significant increase in overseas revenue, which reached 655 million in 2024, a year-on-year growth of 45.1%, accounting for 25.65% of total revenue [3] - The company established a wholly-owned subsidiary in the United States and set up warehousing units in North America and Europe to facilitate localized business development [3] Future Projections - Revenue projections for 2025-2027 are estimated at 3.085 billion, 3.824 billion, and 4.679 billion respectively, with year-on-year growth rates of 20.78%, 23.98%, and 22.34% [3] - Net profit attributable to shareholders is expected to reach 959 million, 1.204 billion, and 1.548 billion for the same period, with growth rates of 21.85%, 25.55%, and 28.53% respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 23.34, 18.59, and 14.47 for 2025-2027, reflecting the company's strong growth potential as a leading platform for adsorption materials [3]

2025 年 4 月 28 日 公司研究 业绩稳步增长，吸附材料多板块齐发力 ——蓝晓科技（300487.SZ）2024 年年报&2025 年一季报点评 增持（维持） 当前价：44.11 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 5.08 | | --- | --- | | 总市值(亿元)： | 223.93 | | 一年最低/最高(元)： | 36.39/67.85 | | 近 3 月换手率： | 45.94% | 股价相对走势 -18% -4% 10% 25% 39% 04/24 07/24 10/24 01/25 蓝晓科技 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.86 | -8.33 | -10.93 | | 绝对 | -7.14 | -8.54 ...